Bachem chief looks forward to improved growth

- Last updated on GMT

Related tags: United states dollar

Switzerland's Bachem SA, which specialises in the manufacture and
sale of bulk peptides and related organic chemicals as active
ingredients for the pharmaceutical industry, has announced that it
expects full-year sales growth between 5 and 10 per cent in local
currencies

Switzerland's Bachem SA, which specialises in the manufacture and sale of bulk peptides and related organic chemicals as active ingredients for the pharmaceutical industry, has announced that it expects full-year sales growth of five to 10 per cent in local currencies. The company's chief executive, Rolf Nyfeler, made the observation in an interview with Swiss newspaper l'Agefi.

He is also expecting medium-term growth of between 15 and 20 per cent, signalling an improvement in the company's fortunes. In 2002, Bachem's sales rose by 6 per cent to SFr149.9 million (€114.5m) but net profit declined 11 per cent to SFr33.5 million owing to weakness in the US dollar.

In another revelation, Nyfeler said that Bachem is hoping to acquire a firm specialised in immunology, with an pre-tax earnings margin of more than 10 per cent, in order to boost the group's growth, reports AFX News. The Swiss company first entered the market for immunology products in 1999, via the acquisition of the Peninsula Group.

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